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27 Sold merchandise subject to CT, accepting cash. This will be recorded with Al a credit to an expense account Bje credit to a liability account. Cla debit to an uwriter's equity account. Dj None of those are tixrect 23) Sold Merchandise Cash subject to a provincial sales tax. This will be murded with Ald credit to an taping account By a debit to a liability accent. Ca credit to Capital. In None of these are correct. Mi Determine the amount of cash collected at the time of making a cash sale of $7,450 worth of merchandise subject to 13% HST. Answer. 257 Use the following information in answer the question below $73,40 9,342 Salty Diamant 1,50 Sales Returns and Allowances 900 Delivery Expense 700 The Not Sales are 26) What inventory method is used when the inventory balance is updated only at the end of the accounting period? A Ferialic B) Perpetual 0)Net Income 13] Chat of Ourla Sold 27) / characteristic of a perpetual inventory method is that Al it keeps continual track of inventory. Bj it records unity on hand at the beginning of the period 0 it woods units sold immediately. Do All of these answer are curmat. 25) Net Income equals A) Net Sales - Cost of goods sold - Operating expenses. 1 Gross Profit - Operating expunge Sales - Sales Returns & Allowancey . Sales Discount - Coed of goods wild - Operating Expenses. In All of the above are correct. 75) Inventory shrinkage Aj incanaves Cost of Goods Sold. Hj decreases Cost of Goods Sold